23 Οκτωβρίου 2021

Breaking News

Bitcoiners, the greater fools!

Bitcoiners, the greater fools!

06.10.201By Sofianopoulos Panayiotis

I’m a utility maximalist and that’s why I’m an anti-bitcoiner.
Let me explain…

The scarcity of something, does not automatically gives it, value. It is the use that gives value, relatively to its scarcity. It’s the supply and demand balance.
If you don’t know the above, I wan’t spend time to persuade you.

Bitcoin is something “important” because it was the first, widely known, in the promising field of cryptos / blockchain. But as Bitcoin is a technological product, it is an absolute rule (with no exceptions), that tech products are surpassed by their successors, i.e. the products that emerge later on, and they solve the unavoidable malfunctions and flaws of the first products, the products that are more developed, advanced, functional, efficient and smart from the previous ones. But the wider technology (blockchain) does not need Bitcoin to exist; blockchain can exist and benefit humans and without Bitcoin, and without any specific cryptocurrency. You don’t need any of the crypto’s out there to incorporate blockchain in real life applications.

So, based on the way technology behaves and on common sense, Bitcoin is useless because whatever “does”, there is something else out there, that serves it better. Already … And in the future there will be many more serious products based on blockchain or in another technology, that will be way better than Bitcoin and the majority of today’s thousands cryptos, that are mainly sloppily made projects, with major target, to give huge gains shortly to its “creators”.

Bitcoin is already obsolete on functional and utility basis. The explanation that its price has not yet collapsed to mininal levels, explained by the “slow” reaction of the crowd.
Why the reaction of the crowd is slow? Because the crowd basically knows only Bitcoin (because it was the first), and because the crowd basically don’t use functionally the (useless) Bitcoin, but rather and mostly, gambles on it, voluntarily surrendered to “sirens” of easy money and soon-being-rich wish, by just buy and hold. So the crowd till today doesn’t care about the utility of Bitcoin, and engage on it, just as a pump scheme, to make easy money.

But this pump scheme can not keep on for ever. No pump scheme, no ponzi scheme keeps on for ever: for examble, Madoff’s ponzi broke in 17 years. The scarcity of something, does not automatically gives it, value. It is the value that supports price rise. Price itself does not justify or implies value. Price and value, are not the same. Price is what you pay and value is what you get. If you buy a good and functional yacht for e.g. $100 (just one hundred dollars), you definitely get something that worth vastly more than the amount you pay. And if you pay $1,000 for a stack of shit, you definitely pay huge for something almost useless.

And Bitcoin is worse than shit (see article’s main image), because as I told, whatever Bitcoin “does” there are already other better solutions and there will be even more better alternatives in the near future. Bitcoin has no use, none, and it’s environmentally bad as it consumes a lot of energy (for a useless thing). Yes, other things consumes also energy but have uses. On the other hand, feces have some uses, can be use as an organic fertilizer and enrich the soil better than chemical fertilizers, make the soil better and more productive. Further, energy can be produced from feces (biomass).

21 million x 0 = 0
So if BTC’s value is indeed zero, as rare as Bitcoin maxis claim to be, if we multiply 21 million by zero, it gives us, zero.

… not to mention:
• Governments’ interventions, with multiway crackdowns on cryptos,
• the coming quantum computing power that will make crypto encryption (this one that Bitcoin is based on) seem like amateur try/effort (will Bitcoin be safe in near future?).

Panayotis Sofianopoulos

Read also:
Read this Before you Buy Bitcoin!
Bitcoin will reach $1 million!?

 

 

Related posts